Dallas, Texas 06/10/2015 (Financialstrend) – Netflix, Inc. (NASDAQ:NFLX) inched a step closer to a possible stock split after its shareholders approved an increase in the number of shares that the company can offer. Chief executive Reed Hastings has already confirmed that he will seek the approval of the board to pursue the same.
Shareholders Approvals
Shareholders have already given the streaming giant the go-ahead to increase its shares to 5 billion from the current levels of 170 million. Shareholders have also moved a step closer to maintaining a firm grip of the company’s operation having approved a non-binding proposal that will allow them to elect board members.
Investors with more than 3% of stock for three years will enjoy the benefit of appointing 25% of the board members as per the new approvals. Shareholders will also have a greater say on who Netflix, Inc. (NASDAQ:NFLX)’s gets to appoint as a director.
The stock is the top performer in the NASDAQ having clocked record highs of $645.54. A strong year both on the operation front, and expansion has seen Netflix, Inc. (NASDAQ:NFLX) valuation surpass that of Yahoo. The stock’s value has nearly tripled over the past year having soared by more than 4,000%. The milestone cements the company’s status among the old folks in the internet space.
More Upside Momentum
Evercore analyst Richard Ross believes the stock has the gas to soar to highs of $730 a share at the current momentum. The base of support that the company has developed over the past year should be the catalyst for any upside movement, according to the analyst.
The rise to prominence in terms of valuation comes on the heels of Netflix, Inc. (NASDAQ:NFLX)’s aggressive international expansion. Launches in Australia and New Zealand could soon be followed by a stop in Japan as early as next year.
